ESPN is reporting that the Arizona Cardinals have picked up the fifth-year option on former LSU cornerback Patrick Peterson.

quote:The move, which was reportedly in the works for about a month, was simply a formality. The fifth-year option is worth about $10 million for the 2015 season.

Peterson signed a four-year contract when he was drafted fifth overall in 2011. Keeping Peterson for another season gives the Cardinals ample time to work out a long-term deal with the three-time Pro Bowler.

Peterson, who turns 24 in July, has been an All-Pro in two of his three seasons in the NFL -- once as a punt returner and once as a cornerback.

Last season, Peterson recorded 40 tackles, three interceptions and two fumble recoveries. He is scheduled to earn $2.88 million in 2014.